I could be wrong but I just dont think anyone cares about precious metals anymore. I cant imagine a millennial going out and saying theyre going to buy gold or silver bars.
READ my post. Do you not understand the existing debts and claims have to be squared up against a new peg? Exactly what peg do you think it's going to be if not gold and silver? There's a reason central banks hoard metals. It doesn't take a rocket science to know what the existing debts and claims will be rebalanced against. The banks always do stuff like this in the past as well. Like if you're in a country and your money turns to worthless while you owe a huge mortgage, the banks try to claim you now owe them the same amount of money except in gold or something instead of paying them in devalued, worthless paper. Is that in any way legit, legal, or close the contract you signed up for? No, but it's going to happen anyway.
AlexGR, you don't seem to understand the fact that paper money, especially fiats issued as debt, always implode and then people enter the vaults to square up the existing debts and claims vs a new peg. You either balance the existing debts and claims vs a new peg, or anyone that bought a $500,000 house and paid with a NINJA loan and still owes $499,999 gets a free house.
Without balancing the existing debts and claims vs metals as the new peg, and thus vastly inflating the price of the metals, you would also have complete disintegration of most nations into some type of 500 BC lawless plunder and shooting because there is no consensus on who owns what, etc etc. It doesn't matter if you think some people will make too much money by holding metals or whatever, it will happen because it's the only possible thing that can happen.
The numbers I stated were only a 20-40x for silver. You seem to make believe that's an illogical and huge amount when people just bought bitcoins for $1 each and then resold them for a +20,000x a few years later. The only difference is, it's a hell of a lot safer going all-in on silver than btc.